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you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take? >> political will in a word. what is interesting about the jobs numbers and the economy in general is that it's not so much the fundamentals of the economy. businesses who hire people who create jobs which nancy pelosi is looking for are looking for political will out of washington. they are looking for certainty on the fiscal cliff. certainty that debt re
you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7%...
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make c
>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a...
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we don't want medicare, medicaid, and social security to be used as part of deficit reducing bill in such a short period of time. >> the clock is winding down towards the fiscal cliff. once considered untouchable third rail, changes to social security and other so-called entitlements are now being seriously discussed. >> we really have not gun to talk about real entitlement reforms. the only way you have true avoidance where you have solution is to mix an appropriate amount of revenues with true entitlement reform. and until the debate moves to that point, there's no serious debate taking place. >> house republicans offered a framework that includes raising the medicare eligibility age from 65 to 67 squeezing out savings from social security by changing the way inflation is calculated, and possible means testing that could disqualify wealthier, older americans from the medicare program. lawmakers insist any changes will be done gradually and will not impact current retirees, but that's not soothing the fears of seniors who say inflation adjustments will have an immediate impact. >> t
we don't want medicare, medicaid, and social security to be used as part of deficit reducing bill in such a short period of time. >> the clock is winding down towards the fiscal cliff. once considered untouchable third rail, changes to social security and other so-called entitlements are now being seriously discussed. >> we really have not gun to talk about real entitlement reforms. the only way you have true avoidance where you have solution is to mix an appropriate amount of...
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we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notify you if it is taking information from you. to law is about to be put to the test. i got word in the last 30 seconds and a ruling from the supreme court, a decision from the supreme court, actually, on whether it will hear a same-sex marriage case and the constitutionality of that. the answer is "yes" the court has notified us. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and redu
we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that...
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but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have the revenue to combine with the savings and spending cuts to reduce the deficits to create jobs, grow the economy, and improve the lives of americans. [indiscernible] we want to protect the middle class. it is not about the rates. it is about the money. it is about being a fugitive to the high end. it is about giving money to reduce the deficit, perot the economy, and unleash the power. it depends on how much money you can get and say, they will pay less. the middle class will pay more. >> 37% would bring in reckless and revenues? >> i do not know that. -- 37% would
but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have...
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>> well, issues like making sure we can pass a balanced approach to deficit reduction. we know we need to have some significance spending cuts. we know that we need to generate some revenue, and we clearly as a result of this election know that the american people support increasing taxes through tax rate increases on the wealthiest 2% of americans. those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are in the midst of the holiday season, is absolutely essential to continuing to get our economy turned around and focus on job creation. >> "the new york times" reporting today that negotiations are now down to just two people. the president, the house speaker. we know that some senate democrats dispute this. what do you think about this point with regard to the negotiations and who's in the room? >> i know that the president and his advisers are focused on making sure that in the discussions that they have with both the house and the senate that whatever plan they agree to includes a bala
>> well, issues like making sure we can pass a balanced approach to deficit reduction. we know we need to have some significance spending cuts. we know that we need to generate some revenue, and we clearly as a result of this election know that the american people support increasing taxes through tax rate increases on the wealthiest 2% of americans. those middle class tax cuts in that legislation would protect the tax cuts for 98% of americans and 97% of small businesses. that, as we are...
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it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of the budget and really provides the kind of sense of security that households, small businesses, everybody needs to know so we can start planning for the economy and hopefully getting things growing back again. one of the things you see is that when your debt levels are as high as they are, in this country right now, that's a tamp on economic growth and can harm growth. that's the point we're at. we know that part of a growth strategy will have to be getting control of these deficits and debt and fix the debt as basically saying, we have to work this out and do it in a bipartisan wa
it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of...
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the congressional budget office just announced that the federal budget deficit for the last two months hit $292 billion. if we were to keep spending more than we take in at that rate america would add another $1.7 trillion to the national debt by this time next year. ironically this comes just about one hour after republican house speaker john boehner held a news conference suggesting that the president has been unwilling to compromise on a deal to cut our debt and complaining about washington's, quote, spending program. >> there are a lot of things that are possible to put the revenue that the president seeks on the table, but none of it is going to be possible if the president insists on his position. insists on my way or the highway. that's not the way to get to an agreement that i think is important for the american people and very important for our economy. alisyn: the bitter partisan fight over the debt deal even came up in a surprising way at last night's national tree lighting ceremony in washington. during a rendition of santa claus is coming to town one of the musicians pause
the congressional budget office just announced that the federal budget deficit for the last two months hit $292 billion. if we were to keep spending more than we take in at that rate america would add another $1.7 trillion to the national debt by this time next year. ironically this comes just about one hour after republican house speaker john boehner held a news conference suggesting that the president has been unwilling to compromise on a deal to cut our debt and complaining about...
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we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of minnesota, i wrote that i thought he would have made the strongest presidential candidate. tim is now the head of the financial services roundtable, a job he took a month or two ago and he will be a huge player in washington. chris i have to say, first of all you kept two-thirds of your own district but your margins didn't go down at all. maybe a little bit. i know the county, one county represents for my son as and let's just say -- is a liberal but he did an incredible job. two senators now and on mars reminded when bob dole left the house to go to the senate, the single act -- [inaudible] bob c
we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of...
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supply deficit on that market and it sure helps to see the good jobs number. that was another supportive situation. when it comes to the copper market, we are again today. one of the strongest metals in the metal complex, the copper market. that is a good sign for economic growth down road. back to you, cheryl casone and dennis kneale. cheryl: thanks to both of you. breaking news into fox business. want to show you once again live pictures out of cairo, egypt. reuters is reporting protesters have breached a military barricade. that barricade is protecting the presidential palace. the protesters are upset about the president's decree giving him almost unquestioned power over his government but reuters reporting the barrier has been broken. they tried two days ago and were unsuccessful. those protesters have had success. we will keep you posted. fiscal cliff survival kit looking for a save haven, munis, maybe the way to go. we will do you y. dennis: employees of random house in for a lot of green, 50 shades of gray. how the world's currencies are faring against
supply deficit on that market and it sure helps to see the good jobs number. that was another supportive situation. when it comes to the copper market, we are again today. one of the strongest metals in the metal complex, the copper market. that is a good sign for economic growth down road. back to you, cheryl casone and dennis kneale. cheryl: thanks to both of you. breaking news into fox business. want to show you once again live pictures out of cairo, egypt. reuters is reporting protesters...
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there is going to be more talks going into 2013 on tax reform and dealing with the deficit further. >> reporter: bob cusack thank you so much for joining us. we appreciate it. >> thank you. jon: let's talk a little bit more about the pickle that house speaker john boehner is in. he's struggling to avoid going over the fiscal cliff. he's facing growing criticism from members of his own party, the speaker removing four conservative congressman from key committees, the move seen by some as a way to close ranks over a potential fiscal cliff deal with the white house. outside conservative groups are voicing their displeasure saying speaker john boehner could even lose his speakership. carl cameron joins us live in washington. so he has a lot of problems with conservatives right now, car. >> reporter: sure it's not just off the hill. some of the members on the hill. fiscal conservatives are once again whispering, in some cases outwardly and openly explaining about house speaker john boehner and his handling of the negotiations with the white house. john boehner's proposal to increase revenu
there is going to be more talks going into 2013 on tax reform and dealing with the deficit further. >> reporter: bob cusack thank you so much for joining us. we appreciate it. >> thank you. jon: let's talk a little bit more about the pickle that house speaker john boehner is in. he's struggling to avoid going over the fiscal cliff. he's facing growing criticism from members of his own party, the speaker removing four conservative congressman from key committees, the move seen by...
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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real deadline is closer. >> there's no prospects for a deal. >> if you're going to be serious about deficit reduction it has to be about spending cuts not just raising taxes. ♪ >> bridge day is not safe. >> what would a nomination mean? >> burst into tears. >> liven things up. >> that's awesome. >> thank you richard lewis. let me introduce you to the new -- >> pleasure to be on your show. ♪ >> we thought she was just a singer and songwriter. >> what would you do to change one direction today? ♪ >> cbs porn "this morning." >> how much does your bra that you wear? >> what have you done that's most fun. >> tough one. >> jewish boy needs a big black guy. >> the world is always better with big black guys. >> possible reasons range from environmental toxins to tight under wear. >> moving on. >> threw are, charlie. >> threw are, my dear. where did that dress come from? >> all that and all that matters. >> just got apple tv. when charlie rose says you just got a piece of technology you know that's bad. >> it's the "a" word. >> all that matters. >> glad your sight returned. >> i'm gas i can se
real deadline is closer. >> there's no prospects for a deal. >> if you're going to be serious about deficit reduction it has to be about spending cuts not just raising taxes. ♪ >> bridge day is not safe. >> what would a nomination mean? >> burst into tears. >> liven things up. >> that's awesome. >> thank you richard lewis. let me introduce you to the new -- >> pleasure to be on your show. ♪ >> we thought she was just a singer and...
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr. zandi is the chief economist at moody's analytics. he looks at macro racquets and public policy. he is the influential source of policymakers and businesses and journalists. recently he published a report assessing the challenges of approaching the fiscal cliff and the most effective way to achieve long-term, fiscal stability. he received his phd from the university of pennsylvania. that will be a recurring theme in these introductions. [laughter] dr. zandi, thank you for being here. dr. hassett is the direc
the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will...
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lot of fuel to this current debate that is occupying washington over the fiscal cliff and finding a deficit reduction plan and also sort of coupled with trying to avoid these spending cuts and tax increases that are set for the end of the year, don. >> what is that, is that a leaf blower? what's going on behind you? >> reporter: honestly, sometimes -- i think it is a leaf blower. sometimes it's a jack hammer. sometimes it's a leaf blower. sometimes it's a lawn mower. always a lot of work going on here at the white house. >> thank you, brianna keilar. have a great morning. >> from jobs now to labor. protesters are furious that michigan's republican controlled house and senate quickly passed controversial right to work bills. the bills limit the right to strike and picket and employees cannot be forced to pay union dues. democrats and union supporters say this is a huge blow to workers' rights. >> it terrifies me that they're trying to pass this through so quickly with no discussion from the other side, no understanding of what's important in it. >> poppy harlow joins us now from lansing. how
lot of fuel to this current debate that is occupying washington over the fiscal cliff and finding a deficit reduction plan and also sort of coupled with trying to avoid these spending cuts and tax increases that are set for the end of the year, don. >> what is that, is that a leaf blower? what's going on behind you? >> reporter: honestly, sometimes -- i think it is a leaf blower. sometimes it's a jack hammer. sometimes it's a leaf blower. sometimes it's a lawn mower. always a lot of...
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you can't make up the budget deficit just by raising money from rich people. >> let's talk netflix. receiving wells notice from s.e.c., regulators warning they may bring civil action against the company and the ceo for violating public disclosure rules with a facebook post. back on july 3rd, the ceo posting netflix a monthly viewing exceeded 1 billion hours for the first time ever in june. the s.e.c. requires public companies to make the information public. hastings says he didn't believe the facebook post was material information although that day the stock was up 13%. in a letter yesterday, he also suggested the fact the post was assessable to more than 245,000 subscribers to the page makes it very public. you can choose to disclose information through other venues considered fair that may reach fewer people at the end of the day. >> ain't up to you. it's up to the government. >> rules are rules. >> and these things do need to evolve. there is little doubt about that. i remember when fd was put in. i would have conversations with executives and say you can tell me -- i'm on cnbc -
you can't make up the budget deficit just by raising money from rich people. >> let's talk netflix. receiving wells notice from s.e.c., regulators warning they may bring civil action against the company and the ceo for violating public disclosure rules with a facebook post. back on july 3rd, the ceo posting netflix a monthly viewing exceeded 1 billion hours for the first time ever in june. the s.e.c. requires public companies to make the information public. hastings says he didn't believe...
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every year we have a trillion dollar or more deficit. when we're talking about $800 billion in taxes over ten years, that's only a few days of spending every year. if we're going to talk about taxes -- i'm willing to discuss taxes and a lot of others are willing to discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people have described what's happening in the gop as sort of a civil war. you have the tea party, sort of mainstream conservatives and then moderates, those that remain. and then there have been sort of calls, to fire, to get rid of john boehner. do you think that's going to happen? would you support that? >> well, i think there's a lot of unease in the conference. there's a lot of unrest at all levels. tea party versus moderate versus mainstream theme. people like me are out there, calling for reductions in pentagon spending, calling for working with the democr
every year we have a trillion dollar or more deficit. when we're talking about $800 billion in taxes over ten years, that's only a few days of spending every year. if we're going to talk about taxes -- i'm willing to discuss taxes and a lot of others are willing to discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people...
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i...
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so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the right track? interestingly enough at this point people are thinking longer-term. part of that restored optimism is different for different groups, but generally speaking people are looking for longer horizons. just quickly, the mood of the country, you see the track, the red truck, this long track. easy it is still 50% believe the country is on the wrong track but you see substantial improvement sends where we were in the middle, the late fall of 2011. so that's when it really bottomed out. 70% wrong track, that was around the time of the debt ceiling debate. only 33% of democr
so you see on the one level at the abstract level, debt, deficit, fiscal cliff. there's an immediate transition been to the to do list, which is what they would like to see effort. finally, and interestingly with all of this battering that people have taken during this last few years of difficult economy, we gave voters, we will go through this question in detail, but we gave voters a choice. short term, solutions to fix the problem, our long-term visionary policies that will put us on the...
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. >> deficit reduction is not the goal here. the reason to get our fiscal house in order and the reason to pass a deficit reduction package that is balanced and allows for economic growth is to put our economy on a sustainable fiscal path which again, in itself produces positive economic benefits and revenues are part of it this. the president put forth and entitlement reforms and savings gleaned from our health care entitlement programs need to be a part of it. the president has been specific about that. >> brian: he's talking about generalitiys about unnamed cuts. jay carny goes on to admit if the president's proposal went to the democratically controlled senate it would not last. 92 where is the leadership. >> brian: running 1.1 trillion. they are unable to pass a budget for the last three years and you probably think that the fiscal cliff would not address these things. >> gretchen: don't you recall that the president said he had no interest in speaking to republicans until they agree to the tax increase on the top two perce
. >> deficit reduction is not the goal here. the reason to get our fiscal house in order and the reason to pass a deficit reduction package that is balanced and allows for economic growth is to put our economy on a sustainable fiscal path which again, in itself produces positive economic benefits and revenues are part of it this. the president put forth and entitlement reforms and savings gleaned from our health care entitlement programs need to be a part of it. the president has been...
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i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could make, you would make down the road? >> that's a great question. i would say me personally probably not. but, you know, i just -- when i look at the rest of the world and i look -- i can't understand it and i can't really know why do you think it is, why is there so much cash on the sidelines and earning such a low rate of return as we just saw pointed out? why aren't they investing it into things? what is holding it? i don't know -- >> what's happening at quicken loans, i know it's a privately held company. what are you doing in terms of jobs, in terms of -- >> we are doing really well. we positioned ourselve
i thought the deficit was a big rob and want to a measure that helps reduce the deficit help the economy? >> i just don't know. in the capital gains sense i personally think and i think it's also been proven in the past if you lower rates it increases the revenue to the government. we should be focused on revenue generation. >> let's talk about reality because you're somebody who has money and is looking at situations like this. has it changed your behavior on investments, you could...
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the one approach says we've got this deficit problem, and we want to address it. the other is the norquist approach, which is really more about reducing government to its irreducible core. and that is an indiscriminate sort of slashing. that's the wrong path for the country. and that's the path we can't take. >> things have changed so much since i was there. you talk about discretionary versus mandatory. when i was there back in the '90s, you could actually go after discretionary spending and move towards a balanced budget. we're way past that now. you're talking about 11% for domestic discretionary spending. that means everything, outside of defense, outside of medicare, outside of medicaid, outside of social security. that's about 85% of the budget. >> and we just made some pretty deep cuts last summer. >> right. so when you have a party saying we're going to balance the budget by going after education, transportation, r&d, i mean, energy, you're basically going after your seed corn while china is doubling on education. china is doubling down on r&d. china is do
the one approach says we've got this deficit problem, and we want to address it. the other is the norquist approach, which is really more about reducing government to its irreducible core. and that is an indiscriminate sort of slashing. that's the wrong path for the country. and that's the path we can't take. >> things have changed so much since i was there. you talk about discretionary versus mandatory. when i was there back in the '90s, you could actually go after discretionary spending...
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. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he...
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captioning sponsored by macneil/lehrer productions >> brown: with no compromise in sight for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close or directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduati
captioning sponsored by macneil/lehrer productions >> brown: with no compromise in sight for a deficit deal, president obama pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare...
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right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about what bill clinton said? he said once things start to get better and that's a crucial point he was making. once the economy starts to get better, taxes have to go up on the middle class. do you agree? is. >> i don't, actually. and the reason being is that right now, if you look at the real math, in 2007 and 012, we have the same amount of revenue. now, 2008 and 2009, we had a dramatic drop in federal revenues, but we've slowly climbed back up. revenue has gone up every year of the obama administration and now, we're at historic highs. the same as we were five years ago. the difference
right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about...
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right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about what bill clinton said? he said once things start to get better, and that's a crucial point he was making. he wasn't saying doing it right away. once it gets better, taxes go up on the middle class. do you agree with that? >> i don't, actually. the reason being is that right now if you look at the real math on it, in 2007 and 2012 we have the same amount of revenue. obviously 2008 and '09 we had a dramatic drop in federal revenues coming in. we've slowly climbed back up. revenue has gone up every single year in the obama administration, and now we're at historic highs. the difference is our spending in
right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about...
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continuing hope this leadership in this country comes together in france in agreement that avoids this deficit clips that were hanging on. >> from the va -- [inaudible] >> one of the big problems of disability claims that the medical records issue. [inaudible] to improve the medical records. secretary panetta, something that helps to have a better physicalism maybe this service will have a better record of what their problems are. what you do for the people to know, hundreds of thousands of people appending claims no and are being postponed because of the fact that medical records either to history too complicated to come by and prove whether they have a disability. >> i think production demonstrates we are working these cases aren't immediately available to develop them so we have a fully developed claim and can make judgments. we do that better reader than that a million claims a year big challenge for us is to get a million plus and returned coming in the door. that's where the automation system called veterans benefits management system is key to our ability to do with those numbers. we pu
continuing hope this leadership in this country comes together in france in agreement that avoids this deficit clips that were hanging on. >> from the va -- [inaudible] >> one of the big problems of disability claims that the medical records issue. [inaudible] to improve the medical records. secretary panetta, something that helps to have a better physicalism maybe this service will have a better record of what their problems are. what you do for the people to know, hundreds of...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frighted republicans that the debate is not just a
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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now answer your question, social security has not added a penny to the federal debt, to the deficits every year. it has a surplus. it has a surplus of $2.7 trillion. so why are we in such a rush to change a program that does not have -- is not bankrupt, has a surplus, has 22 years of solvency before it does have a serious problem and has not contributed to the federal debt? >> and we can talk about these programs separately. we know that social security is considered to be in sounder shape than is medicare which is viewed as potentially running out of funds in the next few years, whereas social security -- but let's take them one at a time. when it comes to social security you have the simpson-bowles deficit reduction commission saying that if you don't deal with these programs you just can't be serious about getting your arms around this country's huge debt and deficit crisis. >> well, i go back to where i started. this program didn't add to the debt, hasn't contributed to the debt. we're not saying -- we're not a group that has our heads in the sand and is committed to never doing
now answer your question, social security has not added a penny to the federal debt, to the deficits every year. it has a surplus. it has a surplus of $2.7 trillion. so why are we in such a rush to change a program that does not have -- is not bankrupt, has a surplus, has 22 years of solvency before it does have a serious problem and has not contributed to the federal debt? >> and we can talk about these programs separately. we know that social security is considered to be in sounder...
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continuing hope is that the leadership in the country comes together, and finds an agreement that avoids deficit cliff we're hanging on. >> thank you. from the va. >> [inaudible] >> so one of the big problems with these long number of disability claims is the medical records issue, and secretary discussed a long term fix, improve the medical records, and secretary panetta described, and something that helps people still in the service by having better physicals so that when they leave the service, there's a better record of what their actual problems are, but what do you do for people in the middle,s hundreds of thousands of people who have pending claims now postponed because of the fact that the medical records either don't exist or are too complicated to come by so you can't prove or disprove there's a date. is there hope for them in what the two of you are working on? >> yeah, i think our production demonstrates we are working cases where the records are not immediately available. we go through erroneous effort so there's a fully developed claim and request make judgments. we're doing that a
continuing hope is that the leadership in the country comes together, and finds an agreement that avoids deficit cliff we're hanging on. >> thank you. from the va. >> [inaudible] >> so one of the big problems with these long number of disability claims is the medical records issue, and secretary discussed a long term fix, improve the medical records, and secretary panetta described, and something that helps people still in the service by having better physicals so that when...
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the present proposal, do you see any common ground? -- and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think...
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then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us 24 trillion. this plan will strengthen the economy, put us on stable path forward. and have much ramp up overtime to avoid slowing down the economic recovery. 40% of the long-term growth of federal health programs is due to rising health care costs generally. 40%. 60% is due to americans aging. in fact each and every day 10,000 americans turn 65, every day. 10,000 americans enter medicare, turn 65. as chairman of the finance committee, i have influenced a lot of policies but they can't keep folks from getting older. we need to focus on what we can influence, and
then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal balance. the budget control act banks about 1 billion. bringing our troops home from iraq and afghanistan saves another 800 billion. that's real savings. it should be counted. interest savings provide another 600 billion. there's no reason we can't come together to find at least 2 trillion of additional deficit reduction giving us...
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government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred seventy five so he just finished a book on the american revolution many more economic factors playing a role there than what we maybe are taught in grade school here in the u.s. so we looked at what the lessons are today looking at the. current economic problems and monetary problems and got his perspective a perspective he says that politicians are not likely to have he says they don't read history books but you know what we are giving them a clip notes just in case they happen to be watching and will give all of our viewers the cliff notes as well to in a couple of minutes right that is all c
government's budget deficit problems and does it i mean is really such a small part of the iceberg. of economic crisis that this country has been dealing with for the past four years and lo and behold when you talk to people that have been in the game for a while like the former republican strategist has been that we spoke to they say no it's very minimally addressing the problems of the u.s. and to put that in even broader scope our guest kevin phillips his recent book is about seven hundred...
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the so-called fiscal cliff for a year but has yet to come up with a plan that actually reduces our deficit. i'm willing to work with anyone to put a plan on the table, but we're not willing to negotiate with someone who hasn't put a plan on the table. the president has not put a serious plan on the table. >> as far as a compromise on the marginal tax rate 35% going up let's say 36% or 37%, is that acceptable? >> no. no. because marginal tax rate increases if there is any increase in revenue, just gives them more to play with on capitol hill and more to spend. when we talk about fairness, when the top 2%, the $250,000 and above are already paying 45% of total income tax, that's a big question of fairness there too. >> who should nicki haley name to replace you? >> i talk today her today. i share the same philosophy, the conservative philosophy. i told her i trust her decision and i'm not going to push her one way or another. >> a lot of speculation, congressman scott? >> he's a wonderful person. our whole delegation is really strong. she's got a tough choice, but i'm convinced she'll give m
the so-called fiscal cliff for a year but has yet to come up with a plan that actually reduces our deficit. i'm willing to work with anyone to put a plan on the table, but we're not willing to negotiate with someone who hasn't put a plan on the table. the president has not put a serious plan on the table. >> as far as a compromise on the marginal tax rate 35% going up let's say 36% or 37%, is that acceptable? >> no. no. because marginal tax rate increases if there is any increase in...
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welcome mood here in russia to this controversial piece of legislation you see things i'm all for about a deficit from moscow all teased you see coming. when i'll be back with more international news with the news team in just a few moments stay with us this is altie in moscow. i never thought i could earn a living this way. the issue of oil is the norm or should test small arms so those photos to machine building cool and not obvious lost count of all the weapons she's fired over the past twelve years. i got so used to it sometimes my friends ask me to join them at the rifle range and i say no wait i'm so tired of shooting. the planet's history goes from making firearms doing world war two to ballistic missiles from nuclear submarines during the cold war the bulk of the soviet industry was moved here in the 1940's to flee the advancing germans so if you were also became the heart of soviet military production closed off before this fall hoffa's century it's thrived on the message of the soviet military when the u.s.s.r. collapsed but life here was shaken to the core but some adapted to better th
welcome mood here in russia to this controversial piece of legislation you see things i'm all for about a deficit from moscow all teased you see coming. when i'll be back with more international news with the news team in just a few moments stay with us this is altie in moscow. i never thought i could earn a living this way. the issue of oil is the norm or should test small arms so those photos to machine building cool and not obvious lost count of all the weapons she's fired over the past...
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marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her as well. we know the challenges that we confront here in congress on a whole range of issues which are sometimes broadly described under the umbrella of the terminology, fiscal cliff -- when we confront those difficult challenges, we have to ask ourselves a couple of basic questions. one of the basic questions we must ask is, what will be the result and will be the impact as it relates to middle income families? what will happen to them in the midst of all these tough issues we have to work out? we know there is broad agreement that going over the so-called fiscal c
marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her...